§32-4-405. Unlawful representations concerning registration, exemption or notice filing.
(a) Neither (1) the fact that a notice filing or an
application for registration under article two of this chapter or
a registration statement under article three of this chapter has
been filed nor (2) the fact that a person or security is
effectively registered constitutes a finding by the commissioner
that any document filed under this chapter is true, complete and
not misleading. Neither any such fact nor the fact that an
exemption or exception is available for a security or a transaction
means that the commissioner has passed in any way upon the merits
or qualifications of, or recommended or given approval to, any
person, security or transaction.

(b) It is unlawful to make, or cause to be made, to any
prospective purchaser, customer or client any representation
inconsistent with subsection (a).